SPX Credit Spread Trader

Rally,

I don't have any sleeping problem. Once my short is getting attacked I am always ready to protect it. So I don't care how the market does.


Quote from rallymode:

congrats. it's been a great market so far but i have my doubts about the rest of the year. I am slowly moving into higher r/r strats overall. Will do alot more premium buying than i did during the first half.
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Quote from piccon:

Rally,

I don't have any sleeping problem. Once my short is getting attacked I am always ready to protect it. So I don't care how the market does.
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Wasnt saying that you do, was simply refering to the risk profiles. Return means nothing unless considered in the context of risk. I dont want to speculate so would you like to share your average risk per month? And that can be real(based on stop) or max(based on worst case).
 
It varies. Sometimes I risk 40K, sometimes 60, 70 depend on the market. For June I had a total of 66K margin requirements.

But don't forget that One would never let the market eat everything you have.

With the volatility I also day trade SPY and IWM, I buy Put or call ; make 1k, 600, 800 and get out.

I do it around my short Strike. It was successful last time. Work best with PUT though.

Quote from rallymode:

Wasnt saying that you do, was simply refering to the risk profiles. Return means nothing unless considered in the context of risk. I dont want to speculate so would you like to share your average risk per month? And that can be real(based on stop) or max(based on worst case).
More...
 
Quick aside question to my ES option brethern....

If the quote is 345 on the screen I assume it is 3.45 and the multiplier is $50. So the value of the option is 3.45 * $50 = $172.50 per contract?

Assuming I am not having an early case of senility, a .45 move in the option in my favor is .45 * $50 = $22.50 per contract.

Since the underlying is one futures contract, do you then also multiply by 100 for actual value? Sorry for suddenly seeming quite retarded (non-PC I know) but baby coming is causing me to act dumber...
 
Congratulations on your fantastic results Piccon!

Probably just me but I find it wise to be humble in the face of good fortune and acknowledge the role of luck and Lady Fortuna in achieving it :)

(I still remember this... :eek: )

:D

Quote from piccon:

It varies. Sometimes I risk 40K, sometimes 60, 70 depend on the market. For June I had a total of 66K margin requirements.

But don't forget that One would never let the market eat everything you have.

With the volatility I also day trade SPY and IWM, I buy Put or call ; make 1k, 600, 800 and get out.

I do it around my short Strike. It was successful last time. Work best with PUT though.
More...
 
Quote from optioncoach:

Sorry for suddenly seeming quite retarded (non-PC I know) but baby coming is causing me to act dumber...
More...

Wait three months. New borns don't have the strength to be loud. At three month, they do! :D
 
Quote from optioncoach:

Quick aside question to my ES option brethern....

If the quote is 345 on the screen I assume it is 3.45 and the multiplier is $50. So the value of the option is 3.45 * $50 = $172.50 per contract?

Assuming I am not having an early case of senility, a .45 move in the option in my favor is .45 * $50 = $22.50 per contract.

Since the underlying is one futures contract, do you then also multiply by 100 for actual value? Sorry for suddenly seeming quite retarded (non-PC I know) but baby coming is causing me to act dumber...
More...

phil,

calculate the moves and amounts exactly the way you did with with the SPX then divide by 2. SPX multiplier 100, ES multiplier 50. You are over complicating it. Your math above is right by the way.

Does mav's x-trader quote a 3.45 options as 345?
 
X-trader shows all quotes without decimals.

The reason I was asking is that I went short 50 JULY ES 1130 Puts this morning at 3.45 to play the rally and also take in premium.

After the nice bounce I decided to cover for a nice swing profit of .45 at 3.00 for a nice $1,125 profit in a few hours.

The profit should be $1,125 but the platform is showing $2,250 which did not seem right. So, always assuming a programmed platform is smarter than me (as well as most appliances) I doubted I calculated the profit right. But the platform is off I assume.

Quote from rallymode:

phil,

calculate the moves and amounts exactly the way you did with with the SPX then divide by 2. SPX multiplier 100, ES multiplier 50. You are over complicating it. Your math above is right by the way.

Does mav's x-trader quote a 3.45 options as 345?
More...
 
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